Merck and Wells Fargo are over-owned while Ford is under-owned by mutual funds, according to third-quarter analysis from Citigroup’s Tobias Levkovich.

Each quarter, Citi compiles its list of mutual fund stock holdings. While Microsoft continues to be most owned, there are some surprises in the list.

In addition to Ford, Levkovich, Citi’s chief US equity strategist, found that ConocoPhillips, Occidental Petroleum, Johnson & Johnson and CVS Caremark are under-owned. He bases the rankings on a comparison between ownership and market gains.

There was some minor movement in the top 10 stocks, and some notable names began to fall out of favor with funds. Among them were Goldman Sachs, Cisco and Hewlett-Packard. Pfizer, J&J and Philip Morris increased in popularity.

Another interesting tidbit is that the four most-held stocks – Microsoft, Wells Fargo, Merck and JPMorgan Chase—each underperformed the S&P 500. The remaining stocks in the top 10 are Google, Pfizer, Apple, Chevron, Oracle and AT&T.

As far as sector weights, tech, financials and energy were most held, while telecoms and industrials were at the bottom.

Overall, domestic mutual funds have been getting hammered this year, with a more than seven-month run of net outflows.

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